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The Ashburton Equity Fund is a general portfolio and the investment policy followed by the Manager will focus on achieving capital growth as its main objective, investing in a broad range of asset classes. In order to achieve this objective, the securities normally to be included in the Ashburton Equity Fund will comprise a combination of financially sound ordinary shares and fixed income securities embracing non-equity securities, stock, financially sound preference shares, debenture stock, debenture bonds and unsecured notes, all to be acquired at fair market values and any other non-equity securities listed on any recognised stock exchange which is considered consistent with the portfolio's primary objective and that the Act or Registrar may allow from time to time, all to be acquired at fair market value. The manager may from time to time invest in participatory interests or any other form of participation in portfolios of collective investment schemes or other similar collective investment schemes as the Act may allow from time to time, and which are consistent with the portfolio's investment policy. Where the aforementioned schemes are operated in territories other than South Africa, participatory interests or any other form of participation in portfolios of these schemes will be included in the portfolio only where the regulatory environment is, to the satisfaction of the manager and the trustee, of sufficient standard to provide investor protection at least equal to that in South Africa. The trustee shall ensure that the investment policy, as set out above, is adhered to, provided that nothing contained in the investment policy shall preclude the manager from varying the ratio of the aforementioned securities, or the securities themselves, should changing economic factors or market conditions so demand. There shall be no limit to the proportion of assets, which may be invested in any one country, and nothing contained in the investment policy shall preclude the manager from retaining cash in the portfolio and/or placing cash on deposit in terms of the Deed. The manager will be permitted to invest on behalf of the Ashburton Equity Fund in offshore investments as permitted by legislation. The trustee shall ensure that the investment policy set out in this Supplemental Deed is carried out. For the purposes of the Ashburton Equity Fund the manager shall reserve the right to close the fund to new investors. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager shall determine the critical size from time to time.
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